Uber Reports Q3 Earnings Beat with $11.2B Revenue, Shares Drop 6%

Oct 31, 2024, 11:29 AM

Uber Technologies reported its third-quarter 2024 earnings, surpassing Wall Street's revenue expectations. The company posted an EPS of $0.46, beating the forecasted $0.41, and reported revenue of $11.2 billion, exceeding the estimated $11 billion. Gross bookings, however, fell short at $41 billion compared to the expected $43 billion. Operating income was $1.1 billion, up from $394 million in Q3 2023. Revenue increased by 20% year-over-year, and gross bookings rose by 16% year-over-year. Despite the strong earnings, Uber's shares dropped by 6% in pre-market trading. The company also provided a muted guidance for the fourth quarter, which contributed to the decline in stock price.